BTC/USD, H1 timeframe:
Let's consider the situation of the main cryptocurrency pair in the market using wave analysis.
Looking at the hourly timeframe of the BTC/USD cryptocurrency pair, it shows that the upward impulse wave (A) was completed. After that, the price declined within the corrective wave, which takes a simple zigzag (A)-(B)-(C) form.
For almost the entire month, the price impulsively moved downwards within the bearish wave (A). At the moment, it looks completely finished and consists of five sub-waves of a smaller wave level. Therefore, we can currently see the price growth in the initial part of the upward correction wave (B). Perhaps, it will take the standard zigzag form A-B-C.
The first impulsive sub-wave of a smaller wave level may end near the price level of 60000.00, which was marked by the current wave [Y]. Following a slight adjustment in sub-wave B, growth can be continued to a higher level in sub-wave C, as shown in the graph.
Currently, opening buy deals from the current level can be considered in order to take profit at the level of 60,000.00.
It is suggested to buy from the current level. Take profit can be considered at 60000.00.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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